Supporters of both Worcester Warriors and Wasps have taken to social media in recent days to urge the Premiership and it's clubs to not take away their P shares.

Both Worcester and Wasps have been in respective financial crisis' for a number of weeks now and both face the prospect of relegation as a result of entering administration.

Warriors have already officially entered administration, whilst Wasps today (Wednesday october 12) look to have done the same having had to cancel their game with Exeter Chiefs this weekend.

The Rugby Football Union (RFU) and Premiership Rugby Limited (PRL) rules state that the punishment for entering administration in season is relegation from the top-flight. They have already confirmed that Worcester will be demoted to the Championship for the 2023/24 campaign, barring a successful appeal.

But all the talk is about P Shares.

What are P Shares and why are they important?

Member clubs of the Gallagher Premiership have what are known as Perpetual Shares (P shares).

Back in 2005 these shares were awarded to the 13 established top-flight clubs and entitled shareholders to a percentage of the central income of the league as well as voting rights on issues key to the league.

There is now the discussion as to what happens to the shares in regards to Wasps and Worcester, with fears for supporters that the PRL will buy the shares back off them.

There was a campaign amongst supporters, as well as now former staff and players of Worcester, recently demanding the league "don't take the P".

Losing the P shares will make it extremely difficult to gain parity with the other teams in the Premiership and could restrict Worcester and Wasps in terms of their long-term ambitions to return, should they be relegated as a result of entering administration.

But those shares can be bought back if a club is promoted back to the Premiership within a single season. 

However, in Worcester's situation, IF Ealing are promoted, for example, at the end of 2022/23 and avoid relegation the next year, they could buy Worcester's shares off them by rights if Warriors did not get promoted.

It has been suggested that there is a meeting on Thursday (October 13) between the PRL and the existing top-flight clubs, to discuss the current state of the league.

What update is there on the sale of the rugby club?

The Worcester News understands that Jim O'Toole and James Sandford remain interested in buying the club and are still "in the fight".

It is understood O'Toole was spotted at Sixways this afternoon. 

There is supposedly another interested party, of which there is no apparent information on who that may or may not be.

Simon Massie-Taylor told the Worcester News earlier this week that he had been in discussions with potential investors and was encouraged by those conversations. 

Begbies Traynor have been approached for a comment in regards to the matter of the P Shares, as well as an update on the sale of the club. Worcester News is still awaiting a response. 

But the administrators did confirm they would be appealing the RFU's decision to relegate Worcester from the Premiership due to the no-insolvency case.